This invention relates to the fields of computer systems and communications. More particularly, a system and methods are provided for facilitating the exchange of value among distributed users through computing devices.
Existing methods of transferring or exchanging values among multiple persons have many shortcomings. For example, the use of cash requires regular replenishment, creates the need to make change, allows the possibility of theft or loss and has no built-in or easy method of keeping records concerning cash payments and receipts. Similarly, checks can be forged, they often provide only rudimentary record keeping (e.g., check stubs) and allow one to unwittingly overdraw a checking account. Credit cards may mitigate some of the problems with cash and checks, but cannot be used for making payments or exchanging value between two or more individuals.
In addition, the formalities of existing value exchange transactions can make them inefficient or difficult to complete. For example, transferring money to another person's bank or other financial account may require one to know the person's account number. That person may understandably be reluctant to divulge such information.
Thus, what is needed is a system and method for enabling value transfers without all the shortcomings of existing means and techniques. It would be desirable, for example, to allow a value exchange transaction to be conducted using a known or common identifier of a person (e.g., electronic mail address, telephone number) rather than other, more sensitive, information.